Bharti group chairman Sunil Bharti Mittal today asserted that the question of buying Hutchison's stake in its Indian joint venture Hutchison Essar Ltd would only arise after the Ruias had decided the future course of action.
When asked whether he would be interested in buying equity stake in Hutchison Essar, Mittal said: "It is a hypothetical question. Only the Ruias can decide, as the Indian partners, who can take stake in Hutchison Essar. At the moment, the Ruias have not approached us nor we them."
Meanwhile, Orascom chairman and CEO Naguib Sawiris arrives in New Delhi on Friday as part of a delegation lead by Egyptian Foreign Minister Ahmed Aboul Gheit, who is expected to take up with External Affairs Minister Pranab Mukherjee, security concerns raised about the telecom company in India by the Ruias.
Sources confirmed that the Ruias had already appointed Morgan Stanley, which has been advising the group on all financial issues. Hutchison is believed to have Goldman Sachs as their advisers.
The Ruias declined to comment on Mittal's statement.
"Nobody has approached us. The sources of the valuation is completely speculative and too low for the company," said Hutchison Essar managing director Asim Ghosh, who is also a shareholder in the company.
